Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net income (loss) $ 1,273,878 $ (2,839,934)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 959,949 1,736,503
Provision for bad debts 29,191 (67,176)
Share of net (gain) loss from investment under equity method (5,133)
Gain on sale of assets (98) (28,344)
Stock based compensation 111,787 146,167
Changes in operating assets and liabilities:    
Accounts receivable 5,722,791 3,772,091
Revenues in excess of billing (4,239,762) (702,812)
Other current assets 329,171 (529,579)
Accounts payable and accrued expenses 72,501 904,731
Unearned revenue (3,654,724) (696,971)
Net cash provided by operating activities 604,684 1,689,543
Cash flows from investing activities:    
Purchases of property and equipment (570,584) (1,252,325)
Sales of property and equipment 1,248 70,283
Net cash used in investing activities (569,336) (1,182,042)
Cash flows from financing activities:    
Proceeds from bank loans 135,123  
Payments on finance lease obligations and loans - net (162,482) (537,180)
Net cash used in financing activities (27,359) (537,180)
Effect of exchange rate changes 118,273 (2,987,396)
Net increase (decrease) in cash and cash equivalents 126,262 (3,017,075)
Cash and cash equivalents at beginning of the period 15,533,254 23,963,797
Cash and cash equivalents at end of period 15,659,516 20,946,722
Cash paid during the period for:    
Interest 670,330 226,271
Taxes $ 342,643 $ 395,710